MasterCard is expanding its mobile financial solutions with the debut of a new partnership program designed to address consumer needs through mobile phones.
The MasterCard Mobile Money Partnership initially includes Comviva, Sybase 365 and Utiba, and it is intended to serve over 2.5 billion "financially-underserved consumers" on a global basis by providing them access to formal financial services via mobile devices.
This seems to be a solid trio to start off with considering that it is estimated that the mobile money solutions offered by these three MasterCard partners are being deployed by more than 200 telecommunication operators and banks worldwide, covering more than one billion consumers.
One of MasterCard's goals with this partnership is to aid mobile network operators and financial institutions to speed up the process for developing mobile financial services and solutions for customers.
The partnership also represents MasterCard's initiative to get more competitive in developing markets, as MasterCard cites that citizens in these areas are less likely to have a formal bank account, but seven in 10 people have a mobile phone.
Here's a glance at some of the services that should come about thanks to this coalition:
- Prepaid companion cards that can be used where MasterCard is accepted
- Virtual card accounts that can be used for e-commerce payments
- Person-to-person payments between subscribers of two different mobile money services
- Face-to-face or remote mobile payments with vendors that do not have traditional point-of-sale acceptance
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